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ELAN - Elanco: Greater Risks And Rewards Following The Bayer Deal
Elanco Animal Health Incorporated
Elanco (ELAN) has seen an eventful year. Late September of 2018, the company was spun-off from Eli Lilly (LLY) into a pure play on animal health. When I reviewed the prospects for the company at the time, I concluded that the valuation of the entire sector (including Elanco) was too high to consider as attractive. That has changed for the good at this moment in time, not to be confused with a positive thesis.
The Old Thesis
While Elanco was just a relatively small business within Eli Lilly, the company is